Williams Delivers Strong Second-Quarter 2026 Results
WILLIAMS COMPANIES, INC. (WMB) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 News Release Williams (NYSE: WMB) One Williams Center Tulsa, OK 74172 800-Williams www.williams.com DATE: Monday, Aug. 3 , 2026 MEDIA CONTACT: INVESTOR CONTACTS: media@williams.com (800) 945-8723 Caroline Sardella (918) 230-9992 Ashley Mitchell (918) 240-6082 William
How this was made
The 30-second read
Why it matters
The combination of reported quarterly performance, a quantified guidance raise, and a strategic acquisition creates a multi-channel catalyst for estimates, risk premium, and sector read-through.
Market read
Traders can update forward EBITDA/AFFO expectations immediately using the raised 2026 guidance midpoint and the acquisition-driven growth plan.
What to watch
The release emphasizes non-GAAP metrics; traders may discount if GAAP cash flow conversion, derivative impacts, or integration capex assumptions diverge from expectations.
Williams Delivers Strong Second-Quarter 2026 Results; Announces Strategic Acquisition of Momentum Midstream Connecting Haynesville to Gulf Coast LNG and Power Demand
Second-quarter GAAP net income, Adjusted EBITDA, adjusted net income and AFFO increased versus the prior year, supported by service-revenue growth, gas marketing margins and equity earnings. Williams also raised its 2026 Adjusted EBITDA guidance midpoint to $8.4 billion and announced the Momentum Midstream acquisition.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net Income, second quarterGAAP | $827 million | – | up 51% vs. 2Q 2025 |
| Net Income Per Share, second quarterGAAP | $0.68 per diluted share | – | up 51% vs. 2Q 2025 |
| Cash Flow From Operations, second quarterGAAP | $1,376 million | – | decreased $74 million |
| Adjusted EBITDA, second quarternon-GAAP | $1,921 million | – | up $113 million or 6% vs. 2Q 2025 |
| Adjusted Net Income, second quarternon-GAAP | $614 million | – | up $48 million |
| Adjusted Earnings Per Share, second quarternon-GAAP | $0.50 per diluted share | – | – |
| Available Funds from Operations, second quarternon-GAAP | $1,450 million | – | up $133 million or 10% vs. 2Q 2025 |
| Dividend Coverage Ratio, second quarternon-GAAP | 2.26 x | – | – |
| Debt-to-Adjusted EBITDA at Quarter Endother | 3.67 x | – | – |
| Capital Investments (Excluding Acquisitions), second quarterother | $1,642 million | – | – |
| Net Income, year to dateGAAP | $1,691 million | – | increased by $455 million |
| Net Income Per Share, year to dateGAAP | $1.38 per diluted share | – | – |
| Cash Flow From Operations, year to dateGAAP | $2,979 million | – | increased $96 million |
| Adjusted EBITDA, year to datenon-GAAP | $4,175 million | – | increased by $378 million |
| Adjusted Net Income, year to datenon-GAAP | $1,509 million | – | improved by $213 million |
| Adjusted Earnings Per Share, year to datenon-GAAP | $1.23 per diluted share | – | – |
| Available Funds from Operations, year to datenon-GAAP | $3,220 million | – | increased by $458 million |
| Dividend Coverage Ratio, year to datenon-GAAP | 2.51 x | – | – |
| Capital Investments (Excluding Acquisitions), year to dateother | $3,284 million | – | – |
| Transmission, Power & Gulf Modified EBITDA, second quarterother | $959 million | – | $68 million |
| Transmission, Power & Gulf Adjusted EBITDA, second quarternon-GAAP | $959 million | – | $56 million |
| Northeast G&P Modified EBITDA, second quarterother | $540 million | – | $39 million |
| Northeast G&P Adjusted EBITDA, second quarternon-GAAP | $540 million | – | $39 million |
| West Modified EBITDA, second quarterother | $359 million | – | $18 million |
| West Adjusted EBITDA, second quarternon-GAAP | $359 million | – | $18 million |
| Gas & NGL Marketing Services Modified EBITDA, second quarterother | $123 million | – | $153 million |
| Gas & NGL Marketing Services Adjusted EBITDA, second quarternon-GAAP | $(1) million | – | $14 million |
| Other Modified EBITDA, second quarterother | $98 million | – | $(20) million |
| Other Adjusted EBITDA, second quarternon-GAAP | $64 million | – | $(14) million |
| Total Modified EBITDA, second quarterother | $2,079 million | – | $258 million |
| Total Adjusted EBITDA, second quarternon-GAAP | $1,921 million | – | $113 million |
2026 outlook
- NoteRaising 2026 Adjusted EBITDA guidance midpoint by $200 million to $8.4 billion, reflecting Momentum Midstream acquisition
What drove it
- Higher service revenues of $111 million in the second quarter, driven by projects placed in service, new Gulf volumes, higher storage revenues and higher gathering volumes including acquisitions in the West.
- Higher gas marketing margins and higher equity earnings driven by Blue Racer Midstream and Appalachia Midstream benefited GAAP results.
- A net gain of $126 million from the June 2026 sale of the Brazos Permian II equity-method investment benefited the quarterly period.
- Transmission, Power & Gulf benefited from projects placed in service, new Gulf volumes and higher storage revenues.
- Northeast G&P benefited primarily from higher volumes at Ohio Valley Midstream and higher proportional EBITDA from Blue Racer Midstream and Bradford within Appalachia Midstream.
- West benefited from Louisiana Energy Gateway and higher gathering volumes including contributions from the 2025 Rimrock and Saber acquisitions.
- Williams signed customer agreements on Transco's Leidy Access and Garden Connector, upsized Power Express, completed phase one of Socrates and finalized its Power Innovation Joint Venture with Blackstone.
Concerns
- Operating and administrative expenses increased.
- Net interest expense increased in association with net increases in long-term debt.
- Reduced upstream results followed the sale of the South Mansfield interests.
- West results were partially offset by lower minimum volume commitment revenues.
- Second-quarter cash flow from operations decreased primarily due to unfavorable net changes in working capital driven by payment of Transco's rate refunds in April 2026.
- The quarterly Gas & NGL Marketing Services Modified EBITDA result included $124 million of net favorable changes in unrealized gains/losses on commodity derivatives, which are excluded from Adjusted EBITDA.
What to watch
- Completion of phase two of Socrates, which is on track for 4Q 2026 completion.
- Execution of Transco's Leidy Access, Garden Connector and upsized Power Express projects.
- Integration and closing of the Momentum Midstream acquisition and development of its Haynesville position serving LNG and power demand.
- Progress of the Power Innovation platform following the Blackstone joint venture, which added $5.34 billion of low-cost capital.
- Delivery against the 2026 Adjusted EBITDA guidance midpoint of $8.4 billion.
Balance sheet and cash flow
- Cash Flow From Operations: $1,376 million in the second quarter and $2,979 million year to date.
- Debt-to-Adjusted EBITDA at Quarter End: 3.67 x.
- Debt is net of cash on hand and, for 2026, $777 million of cash purchases of certain reimbursable long-lead Power Innovation equipment.
- Second-quarter 2026 capital investments exclude $188 million of certain reimbursable long-lead Power Innovation equipment.
- Year-to-date 2026 capital investments exclude $170 million of certain reimbursable long-lead Power Innovation equipment.
Analysis
Williams reported a strong second quarter, with GAAP net income of $827 million and Adjusted EBITDA of $1.921 billion. Adjusted EBITDA increased $113 million versus the prior-year quarter, while adjusted net income rose to $614 million and AFFO increased to $1.450 billion. The results reflect broad operating momentum across the natural-gas infrastructure portfolio.
Service revenues increased $111 million, led by projects placed in service, new Gulf volumes, storage revenues and gathering volumes that included West acquisitions. Higher gas marketing margins and equity earnings from Blue Racer Midstream and Appalachia Midstream added support. The reported GAAP comparison also included a net gain from the June sale of the Brazos Permian II equity-method investment, while Adjusted EBITDA excludes the effect of commodity-derivative unrealized gains and losses.
Segment performance was led by Transmission, Power & Gulf, where second-quarter Adjusted EBITDA was $959 million, followed by Northeast G&P at $540 million and West at $359 million. Gas & NGL Marketing Services posted Modified EBITDA of $123 million, but Adjusted EBITDA was $(1) million because the quarterly Modified EBITDA result reflected favorable unrealized commodity-derivative changes that are excluded from Adjusted EBITDA. Higher operating and administrative expenses, higher interest expense and lower minimum volume commitment revenues in West were offsets.
Cash generation was mixed in the quarter. Cash flow from operations was $1.376 billion, below the prior-year period because of unfavorable working-capital changes related to Transco rate-refund payments, although AFFO increased to $1.450 billion. Capital investments excluding acquisitions were $1.642 billion, and debt-to-Adjusted EBITDA at quarter end was 3.67 x. The company reported a 2.26 x dividend coverage ratio on an AFFO basis.
The guide moved higher: Williams raised the 2026 Adjusted EBITDA guidance midpoint by $200 million to $8.4 billion, citing the Momentum Midstream acquisition. Strategic activity also included the first phase completion of Socrates, the Blackstone Power Innovation joint venture, customer agreements for Leidy Access and Garden Connector, and an upsizing of Power Express. The important execution markers are the planned fourth-quarter completion of Socrates phase two, Momentum integration and conversion of the contracted growth portfolio into operating results.
Management, verbatim
Williams delivered another quarter of solid results as we continue to capture rising demand for reliable energy infrastructure. Second-quarter Adjusted EBITDA increased 6% year-over-year to $1.921 billion, 1 driven by transmission and Gulf Coast expansions, higher natural gas storage revenues and strong gathering performance across our footprint.
Chad Zamarin, president and chief executive officer
Our Power Innovation platform continues to ramp up as customers look for fast, reliable and scalable solutions to meet growing power demand. With the first phase of Socrates successfully completed within budget and on time and the closing of our joint venture with Blackstone, we have demonstrated best-in-class execution, strengthening our ability to commercialize additional projects and accelerate this important growth platform.
Chad Zamarin, president and chief executive officer
Additionally, we are announcing the acquisition of Momentum Midstream, a highly strategic platform that strengthens our position in the country’s most important LNG demand corridor.
Chad Zamarin, president and chief executive officer
Not in the filing
stated, not guessed- Total revenue was not reported in the provided filing text.
- Segment revenue was not reported in the provided filing text. The provided segment table reports Modified EBITDA and Adjusted EBITDA, which cannot be placed in the revenue field.
- Gross profit, gross margin, operating income, operating margin, interest expense, income-tax expense and effective tax rate were not reported in the provided filing text.
- Free cash flow was not reported in the provided filing text.
- Cash balance, total debt balance, dividends declared or paid, and share repurchases were not reported in the provided filing text.
- The complete 2026 Adjusted EBITDA guidance range, the prior guidance midpoint and all other forward guidance metrics were not reported in the provided filing text.
- Prior-quarter comparisons were not reported for the listed metrics in the provided filing text.
- Year-to-date segment results beyond the portion of the table included in the provided filing text were not fully available.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Williams Companies’ SEC 8-K (Item 2.02) with an attached earnings release covering 2Q and 6M ended June 30, 2026, plus an announced acquisition of Momentum Midstream.
Ticker impact
Williams reports 2Q 2026 results and raises 2026 Adjusted EBITDA guidance midpoint to $8.4B, citing the Momentum Midstream acquisition.
Bullish bias for the next session and into analyst revisions, with follow-through risk if acquisition details or integration assumptions disappoint.
The filing discloses GAAP and non-GAAP results, a specific guidance increase, and an announced acquisition agreement, all of which are direct inputs to forward EBITDA/AFFO expectations.
Market effects
Supports the natural gas midstream and LNG-adjacent infrastructure theme via take-or-pay contracting and power infrastructure expansion.
Reinforces Haynesville and Gulf Coast LNG demand corridor positioning, potentially affecting regional midstream sentiment.
Indirectly relevant to LNG supply-demand expectations through contracted infrastructure buildout.
Counterpoint
Guidance increase may already be partially priced, and acquisition execution or financing terms could dilute the near-term AFFO/coverage story.
Key entities
- public_companyWilliams Companies, Inc.
Subject of the 8-K, reporting 2Q 2026 results, raising 2026 Adjusted EBITDA guidance, and announcing the Momentum Midstream acquisition.
- public_companyMomentum Midstream
Announced acquisition target to strengthen Williams’ Haynesville position for LNG and power demand with long-term take-or-pay contracts.
- financial_sponsorBlackstone
Partner in a finalized Power Innovation joint venture adding $5.34B of low-cost capital.
